Fed Doesn't Taper: Gold Surges

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Ben Bernanke announced the Fed won't taper QE, which is what I've been predicting all along.  Despite continually overstating GDP growth, QE is in place to prop up a malignant banking system.  It does NOT promote economic growth, despite what the financial cheerleaders proclaim.  Remove or taper QE, and the house of cards collapses.

Even whispers of a taper produced a plunging equities market earlier this summer.  An actual unwinding of Treasury bond and mortgage-backed securities purchases would spike 10-year yields, which nobody wants, especially the housing industry.  Hence, a taper today would require additional debt monetization down the road, which would destroy whatever little credibility the Fed has left within capital markets.  QE to infinity, bitchez!

Meanwhile, gold surged.